They say money can't buy happiness but it turns out there are a lot of
things it can buy, like a public pardon from a US advocacy group called
United Against Nuclear Iran (UANI).

Well, kind of.

TradeWinds has learned that affiliates of Greek mogul Victor Restis
recently agreed to make a $400,000 donation to the US non-profit under a
broader effort to repair the damage caused by a name and shame campaign
aimed at Enterprises Shipping & Trading (EST).

In exchange, under the terms of a tentative settlement struck late last
month on the back of meetings with UANI chief executive Mark Wallace in
Manhattan and Abu Dhabi the organisation planned to issue a press
release stating the Greek operator and its subsidiaries:

"Have in place a comprehensive written compliance policy which
strictly prohibits them from doing any business in or with the Islamic
Republic of Iran or its agents and instrumentalities."

Negotiations collapse, tensions escalate

According to documents tied to a defamation lawsuit against UANI and
emails between its lawyers, Wallace and George Sarris, president of EST
affiliate Golden Energy, the organisation walked away from the
settlement soon after the parties agreed on the size of the tribute and
other key provisions.

In a letter sent to the judge assigned to the case the non-profit's
attorneys said their client pulled the plug after finding evidence that
some of the plaintiff's vessels recently called on Iran, which led it to
believe the "representations" about the compliance policy were "utterly
untrue".

In addition, had the parties proceeded with the settlement UANI claims
it would have been forced to "falsely represent" that EST and its
affiliates commissioned an internal audit in which investigators
determined that Restis and his associates had never violated
international sanctions.

The organisation told the judge that it was never allowed to see a copy
of the audit and argued the probe was "intentionally limited in scope to
only a one or two month period" and "did not encompass access" to
Restis, his personal files, emails or computer.

"Plaintiffs attempted to induce UANI to adopt these false statements and
'look the other way' by offering to pay Ambassador Wallace personally,
on top of the $400,000 payment to UANI, for service as a member of the
board of directors of Golden Energy," counsel added.

"The Bandar Imam Khomeini port is host to the Iranian regime-controlled
front company, Tidewater Middle East Co, which has been designated as a
sanctioned entity by both the United States and European Union," UANI
said.

"Such business in Iran directly contradicts the statements of Mr.
Restis, who, in response to a 2013 UANI campaign, categorically denied
that his companies do, or have ever done, business in Iran," the
organisation added in reference to the latest round of allegations.

Today, members of one of the many legal teams working on EST's
defamation case against UANI said they were confident that the vessels
in question did not violate international sanctions since they were
carrying humanitarian aid cargoes when they docked in Iran.

Legal eagles explore port puzzler

While US sanctions do not prohibit the shipping of humanitarian aid to
Iran, owners can end up in hot water if the vessel used to transport the
cargo calls on ports controlled by sanctioned entities like Tidewater
Middle East, which operates bulk terminals at Bandar Imam Khomeini.

So says a prominent Washington, DC-based attorney who recently joined a
leading US law firm's international trade and public contracts group as
a partner following a lengthy tour of duty with competitor where he
specialised in sanctions.

"Even in cases where non-sanctioned cargo is being shipped carriers are
still at risk of US sanctions if they call at terminals operated by
Tidewater, which is specially designated for US sanctions for reported
links to Iran's Republican Guard and weapons programs," he explained.

"Even non-US shipping companies are at risk: under the US 'secondary
sanctions' programs, foreign companies dealing with sanctions targets
like Tidewater may be subject to sanctions themselves, including being
barred from transactions with US banks and other companies.

"While no shipowner has been sanctioned yet for using Tidewater berths,
many major operators have dropped Tidewater terminals from regular
services in response to this US pressure, and related banking and
insurance restrictions."

Another legal eagle who spoke with TradeWinds on the condition of
anonymity believes it's important to note that Tidewater Middle East is
believed to be the operator of several terminals in Bandar Imam Khomeini
but not the entire port.

Restis readies retort

Going forward, TradeWinds is told that the legal teams representing EST,
Restis and the tycoon's associates in the defamation case against UANI
plan to counter the organisation's most recent allegations in court in
the coming days and weeks.

While Restis is scheduled to appear at a deposition in New York on
Tuesday observers involved in the case note he is unlikely to show as a
result of his legal troubles in Greece but claim the embattled mogul "is
still very much looking forward to his day in court".